Canadians will spend an average of $15,000 on their weddings this year, says a new BMO survey.
They’ll stick to inviting about 100 guests, but nearly 40% of those polled say they can’t afford their ideal weddings.
The survey finds people between the ages of 18 and 44 will spend the most (about $18,000), while engaged couples older than 65 will only spend about $5,000.
To pay for their big days, most couples plan to draw on investments or other savings to cover 60% of expenses. For the rest, they’ll depend on their:
- parents (for 13% of total costs)
- credit cards and lines of credit (for another 13% of total costs)
- gifts and donations from family and friends (for 5% of total costs)
“Regardless of who’s covering costs, it’s important [for couples] to have open…conversations” about money, says Julie Barker-Merz, CEO of BMO InvestorLine.
That’s key since only 28% of survey respondents are actively saving for their weddings. And, on top of paying for their weddings, Canadian couples plan to spend about $5,000 on their honeymoons.
Top destinations include: Hawaii (24%), the Caribbean (22%), Europe (18%), Australia or New Zealand (11%), and Canada (10%). For reference, says Barker-Merz, “two airline tickets from Toronto to Honolulu cost around $3,850, and a seven-night stay in a five-star hotel [can] run as high as $4,500.”
She notes you help out clients by suggesting they use TFSAs to put aside funds and keep them separate from other savings.
Regional breakdown of results:
# of guests
|Average cost of honeymoon||Can’t afford dream wedding||Actively saving for wedding|
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